The UK’s draft final Basel III rules align more closely to international standards than the EU proposal, while the new global cryptoasset framework will kick-start a new round of national rule-making, Fitch Ratings says its 4Q22 report on banking regulatory developments. In its end-November Consultation Paper, the UK Prudential Regulation Authority proposes to align draft rules more closely to the global standard than the EU has proposed, albeit from 1 January 2025, in line with the EU. Most Basel Committee members have delayed the go-live date of the new regime to 2024 or later, and the US has yet to issue its ... (full story)